No. 32469: R590-228. Submission of Credit Life and Credit Accident and Health Insurance Form and Rate Filings

DAR File No.: 32469
Filed: 03/26/2009, 07:24
Received by: NL

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Under Subsection 31A-2-201(3), the commissioner is given the authority to write rules to implement the provisions of Title 31A. Under Section 31A-2-201.1, the commissioner is given the authority to regulate the filing of rates, forms, and reports. Under Subsection 31A-2-202(2), the commissioner can prescribe the forms to be used in filing reports. Under Section 31A-22-807, the commissioner is allowed to set loss ratio standards and tests to make sure the benefits provided are reasonable in relation to the premiums paid for the coverage. As a result of these code references, this rule sets forth filing requirements, procedures and forms to be used in the filing of rates and forms for various types of credit life and credit accident and health insurance products.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

In the process of making a change to this rule, the department received a comment from the Governor's Office of Planning and Budget (GOPB) noting an incorrect code citation in the rule.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

It is important that this rule be continued in force to allow the department to provide uniformity among companies selling credit life and credit accident and health products in the United States. It allows for uniformity in how a company filing is made and the information and documents to be included, which allows for a uniform review of these rates and forms. The comment received from GOPB was acted on with the filing of a nonsubstantive change to correct the code citation.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Insurance
Administration
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY UT 84114-1201

Direct questions regarding this rule to:

Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at [e-mail]

Authorized by:

Jilene Whitby, Information Specialist